Business Model Innovation – Opportunities in the Metaverse: A Literature Review
Business Model Innovation – Opportunities in the Metaverse: A Literature Review

Author(s): Andreea-Gabriela Gradinaru, Silvia Avasilcăi
Subject(s): Social Sciences
Published by: Udruženje ekonomista i menadžera Balkana
Keywords: Business models; Innovation; Metaverse; Digital business models
Summary/Abstract: Digital technologies are changing the business world in an incremental or disruptive way. The metaverse is a combination of multiple technologies, combined to create virtual worlds. Within them, people can create an avatar, a virtual identity for themselves, and use it to perform various actions: play games, test physical products in their digital form, attend digital events, interact with others, etc. Thus, the metaverse creates multiple opportunities for businesses. To tackle them, business model innovation is needed. Businesses will need to develop their own metaverse or participate in an existing one. They can create virtual products fulfilling new customer needs, for example, having a personalized virtual identity or purchasing virtual products. The payments might be made using cryptocurrencies. The virtual world will require new forms of customer interaction and engagement. This article aims to improve the understanding of business model innovation in the context of the metaverse. Using literature review as a research method, the paper analyzes the opportunities brought by the metaverse and how businesses could take advantage of them. The required business model innovation is clustered using the key components of a business model.

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